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Investing.com - Citi upgraded Jeronimo Martins SGPS SA (OTC:JRONY) (OTC:JRONF) from Neutral to Buy and raised its price target to EUR24.60 from EUR20.00, citing expectations of a rebound in the Polish food market.
The upgrade reflects anticipated improvements across all three of the retailer’s key markets: Poland, Portugal, and Colombia, with particular emphasis on better performance from its Biedronka chain in Poland.
Citi projects mid-double-digit bottom-line growth rates for Jeronimo Martins over the coming years, with positive contributions expected from all three regions following a period of like-for-like sales weakness and margin pressure.
The new price target is based on a 19x price-to-earnings valuation focused on the company’s projected 2026 results, representing a significant increase from the previous target.
The research firm specifically highlighted expectations for stronger like-for-like sales and more robust margins going forward, particularly driven by the company’s Biedronka operations in Poland.
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